Magstim, an international manufacturer of sophisticated medical devices for brain investigation and therapy, is set to increase its workforce with the creation of 50 new jobs at its Carmarthenshire base in west Wales.
Magstim will be supported with a funding package of £2.7 million, provided by the Welsh Government, to help fund the construction of a 13,912 sq ft extension to its existing facility in Whitland. It will also help with fit-out costs at the facility and create 50 new jobs – increasing the company’s workforce to 150.
Robin Davies, managing director of Magstim, said: “Magstim is embarking on a major expansion programme over the next three years. We have just started a direct operation in the USA to capitalise on the approval of our products in that market; and we are investing heavily in new product development.
“We are very proud of our business and its place in the local community. The support of the Welsh Government is very important in enabling us to carry on growing and developing here in Whitland.”
Founded in Wales 25 years ago, Magstim specialises in manufacturing medical devices used in neuroscience, psychiatry and neurology. The major three-year expansion project will support the company’s growth in Transcranial Magnetic Stimulation (TMS) and intra-operative nerve monitoring technology, especially in the USA.
TMS uses magnetic energy to stimulate areas of the brain, without causing pain and while the subject is conscious. Magstim stimulators are the most widely-used TMS devices in the world, used to research and treat brain disorders.
Magstim’s products were recently approved for sale in the USA, specifically for the treatment of Major Depressive Disorder (MDD), which will open up a new market for the company.
Wales’s Economy Minister, Edwina Hart, described Magstim as a “made in Wales” success story.
The Minister said: “We have been working with Magstim on this exciting project for some time and are delighted to support this extremely important expansion.
“It’s always good to see an indigenous company with considerable expertise in its specialist field continuing to make its mark worldwide. It serves to promote Welsh capability on an international stage and is a very welcome boost for our rapidly expanding life science sector.
“The growth of the company will lead to significant economic benefits for the local area and open up career opportunities for neuroscience graduates from Welsh Universities. Above all it has the potential to improve the lives of millions of people around the world.”